Turnkey Solution: Definition, Example, Pros & Cons

What is a Turnkey Solution? A turnkey solution refers to a product or service that is fully developed, tested, and ready to be implemented or used by the customer without any additional work or customization. It is a complete package that includes everything needed to fulfill a specific task or …

The Willie Sutton Rule: Understanding and Applying It

The Origin and Meaning of the Willie Sutton Rule The Willie Sutton Rule is a concept that originated from the infamous American bank robber, Willie Sutton. Born in 1901, Sutton became one of the most notorious criminals in the early 20th century. He gained notoriety for his successful bank heists …

Reverse Culture Shock: The Phenomenon And Its Impact

What is Reverse Culture Shock? Reverse culture shock is a psychological and emotional phenomenon that occurs when individuals return to their home country after living abroad for an extended period of time. It is the opposite of culture shock, which is the disorientation and adjustment difficulties experienced when entering a …

NEXUS Explained: The Meaning, Functioning, And Ineligibility

What is NEXUS? NEXUS is a trusted traveler program that allows pre-screened individuals to expedite their entry into the United States and Canada. It is a joint program between the U.S. Customs and Border Protection (CBP) and the Canada Border Services Agency (CBSA). The NEXUS program is designed to enhance …

Engel’s Law Curve and Coefficient Explained

What is Engel’s Law? Engel’s Law is an economic theory that states that as a person’s income increases, the proportion of their income spent on food decreases. This law was proposed by Ernst Engel, a German statistician, in the 19th century. Engel’s Law is based on the observation that as …